Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.07% against the USD and closed at USD58.88 per barrel, after the Energy Information Administration (EIA) report indicated that US crude oil stockpiles unexpectedly rose by 0.8 million barrels to 447.9 million in the week ended 06 December 2019.
In the Asian session, at GMT0400, the pair is trading at 58.88, with oil trading flat against the USD from yesterday’s close.
The pair is expected to find support at 58.25, and a fall through could take it to the next support level of 57.63. The pair is expected to find its first resistance at 59.36, and a rise through could take it to the next resistance level of 59.85.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
